BI Asset Management Fondsmaeglerselskab A S Decreases Position in Lumen Technologies, Inc. $LUMN

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its stake in Lumen Technologies, Inc. by 95.0%, leaving it with only 16,241 shares valued at $64,000.
• Institutional investors are adjusting their positions in Lumen, with Dimensional Fund Advisors LP increasing its stake by 368.4% and other firms like Nuveen LLC and Invesco Ltd. also making substantial purchases.
• Lumen Technologies reported an EPS of ($0.03), exceeding analysts' expectations, although it saw a 5.4% decrease in quarterly revenue compared to the previous year and has a consensus rating of "Hold" with a price target of $5.29.

BI Asset Management Fondsmaeglerselskab A S decreased its stake in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 95.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,241 shares of the technology company's stock after selling 309,634 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Lumen Technologies were worth $64,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of LUMN. Dimensional Fund Advisors LP boosted its position in shares of Lumen Technologies by 368.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company's stock worth $52,111,000 after buying an additional 7,717,596 shares during the period. Nuveen LLC purchased a new position in Lumen Technologies in the first quarter valued at about $26,469,000. Invesco Ltd. boosted its holdings in Lumen Technologies by 91.6% in the first quarter. Invesco Ltd. now owns 10,276,782 shares of the technology company's stock valued at $40,285,000 after purchasing an additional 4,911,803 shares during the last quarter. Millennium Management LLC boosted its holdings in Lumen Technologies by 474.8% in the fourth quarter. Millennium Management LLC now owns 5,744,368 shares of the technology company's stock valued at $30,503,000 after purchasing an additional 4,745,040 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Lumen Technologies by 182.3% in the fourth quarter. Deutsche Bank AG now owns 1,589,213 shares of the technology company's stock valued at $8,439,000 after purchasing an additional 1,026,248 shares during the last quarter. Hedge funds and other institutional investors own 66.19% of the company's stock.

Lumen Technologies Trading Up 1.7%

NYSE:LUMN opened at $4.69 on Tuesday. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. The business's 50 day moving average is $4.32 and its two-hundred day moving average is $4.21. Lumen Technologies, Inc. has a 52 week low of $3.01 and a 52 week high of $10.33. The company has a market cap of $4.81 billion, a PE ratio of -3.97 and a beta of 1.43.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.24) by $0.21. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same quarter last year, the business posted ($0.13) EPS. Lumen Technologies's quarterly revenue was down 5.4% compared to the same quarter last year. On average, analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current year.

Analysts Set New Price Targets

LUMN has been the subject of a number of analyst reports. Raymond James Financial increased their price target on Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. BNP Paribas raised Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Finally, Wall Street Zen raised Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.29.

Insider Buying and Selling

In related news, CEO Kathleen E. Johnson purchased 135,870 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the transaction, the chief executive officer owned 9,616,947 shares of the company's stock, valued at $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Christopher Stansbury purchased 40,000 shares of the company's stock in a transaction dated Friday, August 15th. The shares were bought at an average price of $4.44 per share, for a total transaction of $177,600.00. Following the completion of the transaction, the chief financial officer directly owned 535,000 shares in the company, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 217,870 shares of company stock worth $859,140 over the last quarter. Insiders own 2.30% of the company's stock.

About Lumen Technologies

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.

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